7 Tips for Bidding at Your First Storage Auction
Winning a storage auction is an exhilarating experience, but is that any reason to let your instincts go? You don't have to make a storage auction more complex than it needs to be, but you certainly shouldn't forget about strategy. Otherwise, you might find yourself losing a locker full of treasures. Don't catch yourself making one of these auction mistakes.
- Don't bid too soon.
Make sure to watch a few rounds before you actually step in. Try to determine what other bidders are looking for and what the lockers are actually worth. You might even be surprised at what other bidders are willing to share about their finds with a newbie.
- Bring cash.
You never know when the storage center is only accepting cash. Make sure that you bring some rather than just a credit card or checkbook.
- Don't forget your smartphone.
If you see something in a storage unit, you can quickly punch it into your phone to see if it has a significant value.
- Know when to call it quits.
Some people get emotional while bidding and will continue to increase their bids in spite of the fact that they didn't see anything of value in the unit.
- Have a plan.
Do you already have a place to resell the items you purchase at the auction? Do you have relationships with buyers for items you will have trouble selling online? Making some quick cash is always a bonus.
- Remove the items on time.
Make sure that you know how long you have to remove the items you've purchased. Most storage facilities ask that you remove auctioned items within 48 hours, but some will have stricter rules. Maintain awareness of each storage center's rules to avoid paying additional fees or even losing the items you've purchased.
- Know where to look.
There are plenty of first-time bidders who are under the mistaken impression that you will only find high-value items in upper-class neighborhoods. Items in these storage lockers might include antiques and older items that simply haven't been found. Perhaps a family didn't have room for their most expensive furniture. You might even find that the "less desirable" neighborhoods have fewer competitors.
Storage auctions can be adrenaline-pumping events that leave you excited and ready to spend cash. Smart bidding using these tips will ensure that you don't bite off more than you can chew at your first storage auction at a site like Centre Avenue Self-Storage.